Stocks
BofA Trims Apple Price Target to $370 Amid Margin Pressure Concerns
Bank of America Securities has reduced its price target for Apple Inc. (AAPL) to $370 from $380, citing concerns over margin pressure due to higher memory and component costs associated with new iPhone models.
The firm maintains a Buy rating on the stock, but adjusted its earnings estimate for calendar year 2027 to $9.98 per share from $10.32.
BofA analyst Wamsi Mohan noted that the new iPhones will enable AI models to run on-device while using Private Cloud Compute for more complex requests, making Siri AI more capable and personalized over time while protecting user data.